Published on 7/21/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $10.4 million phoenix autocallable notes on three indexes
By Wendy Van Sickle
Columbus Ohio, July 21 – Barclays Bank plc priced $10.4 million of phoenix autocallable notes due April 22, 2024 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each index closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus any coupon, unless any index finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $10,401,000
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Maturity: | April 22, 2024
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Coupon: | 9% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any index finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing index
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial level: | 3,224.73 for S&P, 1,473.32 for Russell, 26,671.95 for Dow
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Coupon barriers: | 2,257.31 for S&P, 1,031.32 for Russell, 18,670.37 for Dow; 70% of initial levels
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Final barriers: | 1,934.84 for S&P, 883.99 for Russell, 16,003.17 for Dow; 60% of initial levels
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Pricing date: | July 17
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Settlement date: | July 22
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Agent: | Barclays
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Fees: | 2.875%
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Cusip: | 06747Q4J3
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